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Pepsi, Challenged?


Pepsi's board grants proxy access.

Playboy Mansion and the New Republic for sale.

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Welcome to the Pepsi Shakeup? issue of M&A Daily.

Sifting the World Update

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The PepsiCo (NYSE:PEP) board amended the bylaws to implement proxy access. Now, shareholders with 3% of the shares for three years can nominate up to two or 20% of directors. Such directors could add to the owners' influence over this board. Already, former Heinz CEO and Trian advisory partner William R. Johnson serves on the board and ably represents the interest of the owners.

This new decision by the board is good, but not great. While it further opens up the process to shareholders, it also creates an objectionable precedent of qualifying owners based upon how long we have been here. With due respect to our directors and our managers, it is none of their business whether we just got off of the boat or have been here since before the Mayflower. Either way, we own the place. Directors should be making shareholders money, not judging and categorizing them.

King Digital